Directions: Compute the missing amount in the equation. Write your answers on a separate sheet of paper. Liabilities Owner's equity Assets ? Php 100,000.00 Php 50,000.00 1. Php 200,000.00 2. Php 230,000.00 Php 9,000.00 3. Php 109,000.00 Php 500,000.00 4. Php 650,000.00 Php 90,000.00 Php 700,000.00 5. Php 67,000.00 6. Php 456,000.00 Dhn 1. 729 000.00
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- EB11. LO 5.3 For each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholder's equity. A. Building B. Cash C. Common Stock D. Copyright E. Prepaid Advertising F. Notes Payable (due six months later) G. Taxes Payable H. Unearned Rent RevenueCheck and prepare the corrected classified Balance Sheet. Balance Sheet for the year ended 31 December 2021 Equity $ $ $ Capital 65,000 Less: Net Profit 26,550 Less: Drawings 7,000 31,450 Represented by: Current Assets Cash at Bank 27,200 Inventories 44,000 Creditors 27,350 Office Equipment 30,000 Add: Accumulated Depreciation – Office Equipment 10,000 40,000 138,550 Less: Current Liabilities Loan from OCBC (refer to Note 2) 40,000 Shares in Keppel 9,000 49,000 Working Capital 89,550 Non-Current Assets Accrued Revenue 600 Total Assets 90,150 Profit and Loss Statement as at 31 December 2021 $…Beginning balances were: Cash, $91,000; Taxes Receivable, $186,500; Accounts Payable, $50,750; and Fund Balance, $226,750. Note: Enter debits before credits. Transaction General Journal Debit Credit 01 .
- Balance Sheet. Use Table 3.2 on page 82 as a guide to create a monthly balance sheetFor each office or business segment, indicate which type of Responsibility Center it is: a. A retail location, such as the Apple Store b. A manufacturing division that manages its own facilities and production equipment c. Call center for a warranty claims processing d. Consulting department of an accounting firm e. Quality control department for a golf ball manufacturer PreviousNextThe statement of the financial position of BERJAYA Printing Enterprise as of 31 December 2020 was shown in Table 1. Distinguish information according to Table 1 to find financial statement for the year 2020. (i) (ii) Gross profit or loss Net profit or loss Table 1: Financial statement of BERJAYA Printing Enterprise for year 2020 January December Assumptions: Start Operation 1/1/2020 Cash Injected by owner Year 2020 RM 70,000 Loan bank (6% for 6 years) RM 20,000 Sales Sales (unit) 13,000 Selling Price/Unit RM 25 Purchase Costs/unit RM 10 Purchase of Photostat machine RM 60,000 (useful life = 8 years) paid cash RM 60,000 in January 2020 Monthly Operating Expenses: (fully paid) 4,000 2,000 Salary Shop space rental 500 Electricity and other utilities Transportation 300 Maintenance 300 Advertisements (for the year) 3,000 Other 200
- What will be the net profit and capital of Tommy and Charlie based on this Adjusted Trial Balance?5. The following data as of June 1, 2020 were taken from the records of X: Cash 21,000 Accounts Receivable 244,536 Inventories 130,035 Furniture & Fixtures 60,345 Land 613,000 Other assets 12,000 Accounts Payable 188,940 Notes Payable 210,000 X, capital 681,976 And the following accounts and balances were taken from the records of Y: Cash P 32,354 Accounts Receivable 577,890 Inventories 270,102 Furniture and Fixtures 44,789 Building 438,267 Other Assets 13,600 Accounts Payable 253,650 Notes Payable 355,000 Y, capital 768,352 X & Y agreed to form a partnership by contributing their respective assets and equities subject to the following adjustments: a) Inventories of P6,500 and P6,700 are worthless in X & Y respective books. b) Accounts Receivable of P25,000 X's book and P30,000 in Y's book are uncollectible c) Other assets of P4,000 and P6,000 in X and Y's respective books are to be written off. How much asset does the partnership have? *Get the balances of the T-accounts then prepare the 6 column worksheet. Bebang Inc is the company name and year 2020
- 6. Record the following transactions in Tally Prime Date Amount (in RO) 2021 Jan 1 Cash A/C 42,000 50,000 Building A/C Machinery A/C Orix trading LLC A/C Loan from Bank A/C Capital A/C 25,000 15,000 (Dr) 12,000 ? Deposited into Bank Purchased goods and paid by cheque Purchased goods from Musandam Trading Co. and got 5% Feb 2 20,000 7,500 6,000 Mar 1 Mar 2 trade discount Brought additional capital into business Received from Orix Trading LLC in full settlement by cheque Goods distributed as free samples Cash purchases Mar 31 25,000 Apr 1 Apr 2 Мay 1 May 2 14,000 2,000 3,500 9,000 Sold goods to Oman International Trading LLC and offered 7% trade discount May 31 Goods returned to Musandam Trading Co. Goods taken by proprietor for personal use 1,000 June 1 2,000 Paid Insurance premium Purchased Furniture from Taghleef Industrial Company Sold goods to Tomoor Oman and offered 10% cash June 2 250 July 1 July 2 20,000 10,000 discount July 31 Cash Sales 6,000 2,500 1,200 3,000 4,000 Aug 1 Aug 2…1. The balance sheet of Ysabel coffee shop for selected years is presented below: Cash Accounts Receivables, net Inventories Prepaid Rent Total Current Assets Equipment and Fixtures Less: Accumulated Depreciation Total Fixed Assets TOTAL ASSETS Accounts Payable Notes Payable Accruals Total Current Liabilities Long-term Debt Owner's Capital TOTAL LIABILITIES AND CAPITAL .Year 2 299,896 ? 500,009 44 Page 1,894,559 220,000 1.280,961 406,728 409,000 631,980 1,905,966 808,000 Year 1 219,000 aft 66,094 227,713 400,000 1,287,157 281,581 gibt sich seat 540,000 671,870 2,002,624 889,000 REQUIRED: a..Complete the balance sheet. b. Prepare a common-size balance sheet for each year. c. Prepare a trend analysis using Year 1 as a base. d. Discuss orally in front of the class, in what can you say about the coffee shop's performance based on your assessment. Individual presentation3. II 1. Show the impact (with amounts) of each of the following items on the horizontal C. equation. For the asset section, name the specific accounts impacted. i. Record Sales during the year on account of $205,000. ii. Show the impact of $190,000 cash collected during the year. ii. Establish an Allowance for Uncollectible Accounts at year-end. Study guide - Chapter 5 (with solutions).docx iv. In the following year, an account worth $6,000 is determined to be uncollectible, what is the entry? V. A receivable for $3,500 that was previously written off is collected. What is the 2 step entry? Cash + Stockholders' Equity Assets = Liabilities Revenues Expenses Net Income Flow 2. Te